Student loans | Imamother

Log in / Sign Up

List of Forums + New Post Recipe Box Usergroups Following My Posts Bookmarks

Private Messages Advanced Search Rules New User Guide FAQ Advertise Contact Us

Forum -> Household Management -> Finances

Student loans

1 2 Next

View latest: 24h 48h 72h

amother

Sun, Dec 22 2019, 9:08 am

I have about 30,000 in student loans from Stern College. I'm a teacher married to a teacher. My dad was very firm that you go to a well known school, take out loans and worry about it after. He did not tell me the amount and how many loans etc etc and I only found out once they started contacting me. One loan sent notices to my parents house but I no longer live there and there's a lot of chaos there ie the mail is not checked and things are disorganized so that loan went into collections and I was only notified after it was in collections.

I am so overwhelmed by this situation. We are going to call all the loan and collection places this week to try to get a handle on all this.

amother

Azure

Sun, Dec 22 2019, 9:37 am

amother [ OP ] wrote:

I have about 40,000 in student loans from Stern College. I'm a teacher married to a teacher. My dad was very firm that you go to a well known school, take out loans and worry about it after. He did not tell me the amount and how many loans etc etc and I only found out once they started contacting me. One loan sent notices to my parents house but I no longer live there and there's a lot of chaos there ie the mail is not checked and things are disorganized so that loan went into collections and I was only notified after it was in collections.

I am so overwhelmed by this situation. We are 2 teachers in a yeshiva. We dont have a lot of money. We have been making payments but I now realize it has only been minimum payments and we havent touched the principal after 2 years of paying! If I could go back I would have gone to a much cheaper school. It is so frustrating when my dad says over and over that it's good I went to stern bc now I can have the job I have. Its not worth it at all to me. And I'm a teacher in a day school!!!! I make 40k. I honestly have no idea how I'm going to pay all this off and my husband is stressed that I haven't been on top of it. The loan that went into collections cant be consolidated bc it's in collections and they want the whole amount-6000. My dad said I need to take care of this bc they could put a lean on our house.

I dont even know. Am I venting? Looking for advice? I dont know but my husband is stressed about it now and so am I. We are going to call all the loan and collection places this week to try to get a handle on all this.

I'm so sorry. We're in the position of soon having the kids go off to college, and while I think state schools are fine, some think that private schools are better, especially for the social opportunities and connections. What's done is done; I'm just saying that your father may have had a point, especially if going to Stern helped you find your husband.

As to what to do now: The only thing I can think is that you get yourself tutoring jobs and start tutoring as much as 5-10 hours a week. Depending on amount of time worked and hourly rate, that could bring you between $250 and $1K week, which is real money. You need to do something to start paying off the principle. You have to increase your income. Either get a better paying job or have a job on the side. Good luck with it.

Mommyg8

Sun, Dec 22 2019, 9:56 am

Don't they have income dependent repayment options? Is this a government loan or a private loan?

33055

Sun, Dec 22 2019, 10:03 am

They have loan forgiveness for teachers. You may already qualify.

Last edited by 33055 on Sun, Dec 22 2019, 11:30 am; edited 1 time in total

amother

Orange

Sun, Dec 22 2019, 10:07 am

You would have to do a lot of research. I met maybe one person irl who actually was able to do that successfully. And teacher loan forgiveness is for teachers in some high need Title 1 public schools, a private religious school will not qualify unfortunately.

cnc

Sun, Dec 22 2019, 11:10 am

Would you consider working somewhere else in order to qualify for loan forgiveness?

33055

Sun, Dec 22 2019, 11:35 am

amother [ Orange ] wrote:

A spoke to the people at student loans on behalf of someone. The private school in Monsey qualified. The person had the requisite tenure. If I remember correctly it was 5 years.

OP you should check it out.

baby12x

Sun, Dec 22 2019, 11:38 am

Loan forgiveness is probably not possible as OP said that one bill is in collections which wouldn't happen if she had been paying it. Usually that is a contingency for loan forgiveness. It is possible that some of the loans would qualify but before that:

1. You need to understand the full picture of your loans. Sit down with your father and make a COMPLETE list of all the loans that you have, which company they are from, how much is owed, are they federal or private and whose name they are in
2. Look online, call etc to find out what the status of each loan is. Good standing, collections etc
3. Then make a plan to start paying them off. There are tons of resources and guides to help you get started on a loan repayment plan.

Good luck!

amother

Honeydew

Sun, Dec 22 2019, 11:50 am

My professional advice is to do every thing possible to pay them. The interest rates are so high on student loans that I would call it loan sharking. Get rid of them ASAP.

33055

Sun, Dec 22 2019, 11:52 am

baby12x wrote:

She can rehab her loans. Then apply.

amother

Babypink

Sun, Dec 22 2019, 11:54 am

A lien on your house!?! Which State are you in, I want to look into this further. Where I'm from (CA), a creditor cannot put a lien on your home, if it's your primary residence! A creditor can put a lien on a second, third or fourth home (for example, you are a real estate investor who owns several properties). But a lien on a primary residence, that's completely new to me!

At this point you must find out 3 things:
1. What are your State laws regarding whether a creditor can actually put a lien on a primary place of residence (highly unlikely);
2. What are your State laws regarding the Statute of Limitations as regards debts. In California it'a 4 years. After 4 years of not making payments, a creditor cannot pursue the debt anymore.
3. When was the last time you made a payment on the loan?

Please do not do anything rash until you figure out these answers. Do not contact the collections agency! Do not agree to make a payment yet- this will restart the Statute of Limitations. To illustrate: if this were in California, where the Statute of Limitations is 4 years, and you made your last payment 2 years ago, that means the creditor has 2 years left to collect on the debt. Once 4 years passes, the debt goes off your credit, and the creditor cannot legally contact you (in California). You need to know what your State laws are and where you're standing in regards to those laws. DO NOT panic and let the collections agency bully you into agreeing, let alone actually doing, anything about this debt until you're informed of your State laws and know how they will affect you.

baby12x

Sun, Dec 22 2019, 11:56 am

Squishy wrote:

She can rehab her loans. Then apply.

Possibly.
Really there are options ONCE YOU KNOW WHAT YOUR SITUATION IS.

You need to find out exactly what all the loans are and what they entail.

Make sure you have access to all the online accounts and don't count on your father to forward you the mail.

Once you have a handle on what you owe and to whom you can see what your options are

Sebastian

Sun, Dec 22 2019, 11:57 am

This makes me angry. If your dad thought private college was so important, he should've taken loans for it. Making you borrow money for something he thinks is important is just ughhhh.

18 yes should not be able to borrow that much money. The whole student loan thing is a mess

amother

Babypink

Sun, Dec 22 2019, 11:59 am

amother [ Azure ] wrote:

What's done is done; I'm just saying that your father may have had a point, especially if going to Stern helped you find your husband.

As to what to do now: The only thing I can think is that you get yourself tutoring jobs and start tutoring as much as 5-10 hours a week. Depending on amount of time worked and hourly rate, that could bring you between $250 and $1K week, which is real money. You need to do something to start paying off the principle. You have to increase your income. Either get a better paying job or have a job on the side. Good luck with it.

First, it's absurd that a woman would need to attend a particular university to find her bashert. OP did not need tens of thousands of dollars in debt to find a good husband. This is a warped view of how Hashem runs the world.

Second, OP should NOT pay ANYTHING on the principal if this loan is in collections, UNITL SHE IS AWARE OF HER STATE LAWS. The fact is, OP may have 1 year or only several months left until the Statute of Limitations expires on this debt, and she needs to figure out whether that's her situation. Agreeing to or even worse beginning repayment would start the Statute of Limitations all over again.

amother

Sun, Dec 22 2019, 12:38 pm

Double post

Last edited by amother on Sun, Dec 22 2019, 12:39 pm; edited 1 time in total

amother

Sun, Dec 22 2019, 12:38 pm

Thanks for all the feedback. I just had s total breakdown to my poor husband about it. Hes going to call with me and help me because I just completely shut down with all this. Yes the main issue is I do not know the big picture and getting info from my father about what loans were taken is impossible. He mentioned the lien thing in passing...

Who do I talk to for all this info?? And if the statute of limitations passes- then what?? I cant just not pay these back!

And just btw- didnt meet my husband at YU. He went to a state school.and has no loans :-)

malki2

Sun, Dec 22 2019, 1:55 pm

OP how much are your monthly payments?

baby12x

Sun, Dec 22 2019, 2:40 pm

amother [ OP ] wrote:

Did your father take out the loans in his name or yours?

Also, I'm wary of the lein thing. Highly doubtful that they could put a lein on your house. Yes, you should take care of situation. No, you shouldn't panic.

amother

Copper

Sun, Dec 22 2019, 3:22 pm

If these are gov loans then no they cannot take your home. If you can't afford to pay just pay interest and after 30 years file for loan forgiveness and pay the taxes. Unfortunately the system is so messed up that many if not most grads are in your situation.

Sebastian

Sun, Dec 22 2019, 3:30 pm

Who a name are the loans in? Did you sign for it or your parents did?

Page 1 of 2

1 2 Next